Halt on payments by land reform beneficiaries, FMJ’s b’day gift to himself
By Nidz Godino
“The President is set to sign this on his birthday, September 13…this is what he mentioned in his SONA … I trust the wisdom of the President,” Agrarian Reform Secretary Conrado Estrella III told lawmakers said President Ferdinand Marcos, Jr. will sign executive order imposing moratorium on payments for amortization and interest on loans of agrarian reform beneficiaries (ARB) when he turns 65 on September 13.Estrella made announcement during department’s presentation of its proposed P15-billion budget for 2023 before House Committee on Appropriations.
“The EO on moratorium on payments for amortization fees and interest on agrarian reform beneficiaries’ loans will ease burden of paying regular amortization and interest payments,” Estrella said.
Estrella said many farmers failed to pay their amortization because of pandemic.
He said moratorium on payments would allow farmers to set aside funds for additional capital for increased yield.
The said moratorium was already included under Republic Act No. 11469 commonly known as Bayanihan to Heal as One Act which was legislated to help government address COVID-19 situation and its effects.
Estrella reiterated Marcos’ call for Congress to pass law condoning land amortization fees of ARBs.
“This will free farmers from debts… I have talked to members of the House and the Senate, and I think they are going to support this, with such condonation, they can use their land as an asset, a collateral or a negotiable instrument…this is beneficial especially to those who only got small portion of land ” Estrella concluded.
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